Uganda Revenue Authority (URA)’s Post

𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐞𝐧𝐠𝐚𝐠𝐞𝐝 𝐨𝐧 𝐀𝐄𝐎𝐈 (𝐀𝐮𝐭𝐨𝐦𝐚𝐭𝐢𝐜 𝐄𝐱𝐜𝐡𝐚𝐧𝐠𝐞 𝐎𝐟 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧). In collaboration with the African Tax Administration Forum (ATAF), we successfully conducted a comprehensive training session for insurance companies last Friday, focusing on their responsibilities under the Automatic Exchange of Information Act, 2023.   The training was aimed at equipping insurance firms with necessary knowledge to comply with new regulatory requirements and to enhance their operational transparency.   AC Tax Intelligence, Nkwasire Julius Mponooka highlighted the significant benefits of adhering to the new regulations. "For insurance companies, this shift is expected to enhance your reputation, expand your access to global markets, improve risk management, and help avoid legal and financial penalties,” he stated.   Supervisor Exchange of Information (EOI), Joseph Balikuddembe detailed specific obligations under the Act, which include applying due diligence to all accounts, identifying accounts held by non-resident taxpayers, and maintaining detailed records of those processes. Insurance companies are required to submit returns to the competent authority, ensuring they comply with the Common Reporting Standard (CRS) guidelines.   Manager Exchange-Of-Information, David Dongo elaborated on the types of assets that must be reported under the new regulations. These include securities, partnership interests, commodities, swaps, and various insurance and annuity contracts. He emphasized the importance of understanding those asset categories to ensure accurate reporting and compliance.   Ms. Melissa De Jong from African Tax Administration Forum (ATAF) urged insurance companies to maintain comprehensive records of their compliance efforts, including staff training and due diligence outcomes. "Keeping detailed records is crucial for demonstrating adherence to the new standards," she said.   CEO - Uganda Insurers Association, Jonan Kisakye ACII ACSI expressed support for the new regulations but also called for continued dialogue between URA and the insurance sector. "We are committed to compliance and supporting these changes," said Jonan. “However, balancing regulatory demands with our business objectives is challenging. We need ongoing engagement with URA to ensure we effectively serve our clients while meeting regulatory requirements."   The training session marks a significant step towards enhancing tax transparency and compliance in Uganda's insurance industry. As the new regulations come into effect, insurance companies will play a crucial role in supporting the URA’s efforts to combat tax evasion and ensure fair tax practices. #AutomaticEOI_Uganda | #VoluntaryDisclosureUG | #TaxFraudAlertUG